monetary policy – Page 6

DeFi, DAOs and NFTs: Crypto is redefining how charities raise funds

January 17, 2023

Crypto donations are so much more than just peer-to-peer Bitcoin and Ether transactions. Non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and decentralized finance (DeFi) are redefining how charities raise donations and distribute funds to those most in need. Through ever-evolving crypto and blockchain-related technology, crypto philanthropists told Cointelegraph that they’ve witnessed “new wealth distribution mechanisms” never seen…
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World Bank Report Forecasts Bleak Global Economic Outlook, Citing ‘Adverse Developments’ and ‘Long-Lasting Slowdown’

January 11, 2023

On Jan. 10, 2023, the World Bank published its Global Economic Prospects report, stating that the outlook for the global economy and future economic conditions is bleak. According to the report, 2023 growth forecasts have been cut across the board, with the global economy projected to grow by 1.7% in 2023 and 2.7% in 2024.…
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Uncertainty Surrounds Federal Reserve’s Future Plans for Rate Hikes

January 9, 2023

The U.S. Federal Reserve has raised the benchmark bank rate seven times during the course of 2022, leading many to question when the central bank will cease or change course. The Fed has stated that it aims to bring inflation down to the 2% target, and the increases to the federal funds rate are intended…
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New Naira Banknotes to Make Monetary Policy More Effective — Nigerian Central Bank Governor

November 27, 2022

The Central Bank of Nigeria governor, Godwin Emefiele, has said the newly designed naira banknotes are set to enhance the effectiveness of the organization’s monetary policy and bolster the financial inclusion cause. Forcing Currency Hoarders to Return to the Banking System According to the Nigerian central bank governor, Godwin Emefiele, the recently launched naira banknotes…
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IMF Blog: Better Regulation of Africa’s Growing Crypto Market Urgently Needed

November 24, 2022

A well-regulated African cryptocurrency market is needed in order to protect users as well as help countries stop bad actors from using digital assets to circumvent capital controls, the latest post on the IMF blog has said. The blog post reiterated the IMF’s belief that risks to a country are “much greater if crypto is…
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Nigeria’s Rising Inflation and Foreign Exchange Shortages Fueling Devaluation Speculation — IMF Mission

November 20, 2022

According to the International Monetary Fund (IMF)’s mission concluding statement, Nigeria’s rising inflation rate as well as the continuing shortage of foreign currency are fueling the naira devaluation speculations. To achieve a unified naira exchange rate, the global lender said Nigeria needs to dismantle “the various exchange rate windows at the CBN [Central Bank of…
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Report: Bank of America Economist Predicts 20% Devaluation of the Nigerian Currency in 2023

October 21, 2022

A Bank of America economist, Tatonga Rusike, has said the Nigerian currency is overvalued by as much as 20% and will likely be devalued in 2030. The remarks by the economist came just days after the currency’s exchange rate reportedly touched a new low of just under 750 naira for every U.S. dollar on the…
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Report: Ghanaian Currency Slips to Another Low Versus the US Dollar

October 17, 2022

After it slipped to a rate of about 12:1, the Ghanaian cedi became the latest African currency to touch a new low versus the U.S. dollar, albeit on the unofficial foreign exchange market. Having started 2022 trading around 6.25 per dollar, the cedi has now lost over 90% against the appreciating greenback. Protest Against the…
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Forex Shortages Blamed After Nigerian Currency Hits New Low Versus the US Dollar

October 3, 2022

A surge in the demand for foreign exchange and the general scarcity of the resource may be the reasons why the naira currency recently slumped to a new all-time low of 735 versus the U.S. dollar, a report has said. One Nigerian currency dealer said he expects the naira to further depreciate to 750 per…
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Kenyan Central Bank Raises Key Rate by 75 Basis Points

October 2, 2022

The monetary policy committee of the Kenyan central bank recently revealed it increased the central bank rate by 75 basis points from 7.5% to 8.25%. Justifying its decision to act, the committee cites growing inflationary pressures and increased global risks, as well as their likely impact on the domestic economy. Growing Inflationary Pressures Following its…
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Tag: monetary policy